Defining your product sounds like such a simple thing, but you’d be surprised at the number of companies that struggle with this concept.
Through several consulting gigs over the years I have come to realize that… While sales revenues, product enhancements, support SLA’s etc appear to be the obvious areas of concern for any company, its the Product Definition and messaging around the products, that any company struggles with the most.
I have come to understand that defining a product involves a combination of several things. While the core idea may have been stemmed from intense market research or innovative thinking of some bright people in the company, the success of the product is eventually determined by just aspect and that is: Value.
What products to create, what to retire, what to enhance etc is a rather large part of running a company. The number of companies that find product definition problematic is staggering.
Unable to understand the nuances involved in creating customer centric solutions, most companies create redundant products thus reacting to vague and poorly understood market trends.
Just because a specific product is the current rage and is being produced by several different companies does not mean that your company should produce the same item, no matter how different.
It remains, at heart, the same item. Product definition should utilize innovative thinking and intensive market research to determine real needs. Only then can a truly great product be produced. Product definition should utilize as many aspects of market research as possible to get a true picture of the needs of customers.
Knowing the true wants and needs of consumers will help you create a truly inspired product that meets those needs, rather than simply following the crowd with another cookie cutter product that offers no individuality. There are plenty of companies that currently do that; don’t let yours be one of them.
Market research during product development is important beyond deciding what type of product you will produce. With the right market research, you can find out what additions, customizations and services your target market will value within your product. This will greatly help you refine your product offering even further, taking it from creative to truly innovative. (Apple’s Mac Book Pro and iPOD)
Your product development and definition should be geared towards producing a solution that is truly novel. This is more than simply responding to requests for new additions to an existing product.
Truly great products are defined by their makers to fill a need, a gap in what is currently offered. See this video by Guy Kawasaki talks about greatness in business
Rarely does this mean simply a different version of an existing product with new bells and whistles attached.
Defining your product through market research should be designed to give you ideas about new products that can help your target market.
your product must be new, innovative and original or you will be lost in the crowd. Too many companies today simply follow the crowd or add on to existing products. True product definition will go far beyond this simple practice, into the realm of real genius.